Suppose France's real GDP grew from $750 billion in 2010 to $821 billion in 2011. What was the growth rate of France's real GDP?
A) 10 percent
B) 9.5 percent
C) 9.1 percent
D) 8.6 percent
E) $71 billion
B
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Suppose that over the next few years the demand for dancing to country and western music decreases. Hence, at country and western dance clubs the equilibrium price of admission ________ and the equilibrium quantity of dancing ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; decreases
Pessimistic consumer expectations and decreased government spending are both associated with:
a. a downward movement along the aggregate demand curve. b. an upward movement along the aggregate demand curve. c. a leftward shift of the aggregate demand curve. d. a rightward shift of the aggregate demand curve. e. a steeper slope of the aggregate demand curve.
If an industry is in long-run perfectly competitive equilibrium
A. all firms will be earning economic profits. B. most firms will be earning economic profits. C. a few firms will be earning economic profits. D. no firm will be earning an economic profit.
Suppose that government imposes a specific excise tax on product X of $2 per unit and that the price elasticity of supply of X is unitary (coefficient = 1). If the incidence of the tax is such that the producers of X pay $1.90 of the tax and the
consumers pay $.10, we can conclude that the: A. supply of X is highly inelastic. B. supply of X is highly elastic. C. demand for X is highly inelastic. D. demand for X is highly elastic.